Singapore-based E-commerce company Shopee has abruptly shut down its operation in India shortly after making its foray into the country. To recall, Shopee India launched back in November 2021. The e-commerce firm released a statement to the press shedding light on its decision to exit the Indian market without warning.
According to a Shopee spokesperson, Shopee India is shutting down citing “global market uncertainties.” On Monday, Shopee informed its employees of its decision to shut down its India business during an all-hands company-wide meeting. Last year, a new e-commerce policy in India prohibited e-commerce platforms from hosting flash sales. Furthermore, the e-commerce policy restricts any affiliated entities related to e-commerce platforms from becoming sellers.
In the statement, the Shopee spokesperson confirmed that the company will be closing its early-stage Shopee India initiative. Moreover, the company’s focus during this transition will be to provide support to its local seller and buyer communities and its team in India. Furthermore, the spokesperson assured us that Shopee will continue to make a positive impact on its global communities. Also, it is will focus on improving the lives of those who are underserviced via technology.